Sweden proposes implementation of global minimum tax law
The Ministry of Finance has issued a memorandum containing suggestions and explanations to supplement the preliminary report on the implementation of the EU global minimum tax directive. On 7th February 2023, preliminary report was presented to the
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Lithuania proposes a temporary solidarity contribution on the banking sector
On 9 March 2023, the Finance Ministry of Lithonia declared a proposal for the introduction of a temporary solidarity contribution on the banking sector. According to the proposal the key features of the proposal include: The temporary
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Russia: Government decide to impose windfall tax on large companies
According to announcement from the Minister of Finance of Russia, an agreement has been reached by the Russian government to impose a windfall tax on big companies operating in Russia. A proposed tax on large company’s excess profits is set to be
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Bulgaria proposes windfall tax for all sectors
On 17 march 2023, the Ministry of Finance has released a proposal to impose a temporary solidarity contribution across all industries, which is now open for public discussion. Bulgaria has already implemented a solidarity contribution on the fossil
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Luxembourg proposes windfall tax on surplus revenue from electricity production
On 15 March 2023, the government of Luxembourg presented Bill 8175 to the Parliament to introduce a temporary windfall tax on surplus revenue from electricity production in accordance with EU Regulation 2022/1854. Electricity providers will be
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Belgium: Finance Minister proposes first phase of tax reform
On 2 March 2023, Mr. Vincent Van Peteghem, the Belgian Deputy Prime Minister and Minister of Finance has declared the government's proposal for the first phase of major tax reforms. If adopted, the proposed measures will generally apply as from 1
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Thailand approves to incorporate global minimum tax rule
On 7 March 2023, the Thai Cabinet approved measures to incorporate global minimum tax regulations as part of the base erosion and profit shifting (BEPS) 2.0 Pillar Two rules issued by the OECD. The Investment Board of Thailand has recommended these
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Sweden: Tax Agency Introduces temporary tax on extraordinary profits of electricity producers
The Swedish Tax Agency has declared an announcement that tax will be imposed  on excessive profits of electricity producers from  1st March  2023 to 1st June  2023 for a limited time period. The recently implemented measure aligns with the
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Singapore intends to implement BEPS GloBE rules from 2025
On 14 February 2023, Singapore announced in its Budget 2023 intending to implement Global Anti-Base Erosion (GloBE) rules under BEPS Pillar 2 and Domestic Top-up Tax (DTT) for large Multinational Enterprise (MNE) groups from businesses' financial
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Italy: Tax authority clarify windfall tax for energy sector
On 23 February 2023, the Italian tax authorities have published Circular No. 4/E with clarifications on the temporary solidarity (windfall tax) contribution for the energy sector. The clarifications regarding the solidarity contribution includes
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North Macedonia: Government proposes windfall profits tax on fossil fuel sector
The government has presented a new proposal to the parliament for a temporary solidarity tax (windfall tax) on the fossil fuel industry. Under this proposal, the following key elements have been outlined: Taxable Entities: Companies with
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Qatar amends income tax law
On 2 February 2023, Qatar published Law No.11 of 2022 amending several provisions of the Income Tax Law No. 24 of 2018 in the official Gazette. The effective date of the amendments is also 2 February 2023. The amendments are generally effective from
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Turkey returns to general corporate income tax rate of 20% from 2023
In Turkey, the general corporate income tax rate of 20% is applicable from 1 January 2023. The rate was temporarily increased to 25% for 2021 and 23% for 2022. However, the tax rate is 25% for banks and financial sectors, 19% for companies doing
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Mozambique: Government approves proposal for corporate income tax cut
On 30 December 2022, the Law No. 20/2022 amending the corporate income tax code was published in the official gazette. Under the law, the Corporate Income Tax (IRPC) rate for agricultural, livestock, aquaculture and transport activities has been
See MoreSweden: MoF proposes temporary tax on electricity producers
The Swedish Ministry of Finance (Mof) has issued a proposal to impose a temporary tax (windfall tax) on the excessive earnings of electricity producers in accordance with EU Regulation 2022/1854. It would be levied at a rate of 90 % on incomes above
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Albania introduces windfall tax on electricity producers
On 18 January 2023, Albania gazettes Law 98/2022 regarding introduction of a temporary windfall tax on excess income of energy producers. This windfall tax is imposed at a rate 50% on excess income on the sale of electricity at a price above
See MoreLithuania introduces windfall tax on electricity companies
On 23 December 2022, Lithuania published Law XIV-1680 in the Official Gazette for implementing a windfall tax and solidarity contribution in accordance with EU Regulation 2022/1854. The law includes following measures: applying a 90% windfall
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Finland: Government proposes to impose windfall tax on electricity companies
On 29 December 2022, the Finnish government has published its law proposal (HE 320/2022 vp) for the introduction of windfall taxes on the profits of electricity and fossil fuel companies. Under the proposal, the tax would be 30 percent of the net
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